Business
The retail company reported a net loss of more than $200 million in its most recent fiscal quarter.
A sign outside a Big Lots store in Saugerties, New York, U.S., Friday, Feb. 16, 2024. Big Lots Inc. reported fourth-quarter comparable sales that missed the average analyst estimate.
Retail company Big Lots will close five locations across Massachusetts, the company announced.
The originally announced closures in early July due to financial pressures. Websites for site closures have a large banner at the top of the page that says “This site is closing!” and offers a 20% discount offer.
The closure locations are in Ashland, Dennis, Northampton, Seekonk and West Springfield. Up to 315 Big Lots locations in 35 states may also close their doors, the company said in a SEC filing.
Big lots reported a net loss of $205.0 million in the first fiscal quarter of 2024. Net sales declined more than 10 percent from 2023 to 2024. In a statement to investors, Bruce Thorn, president and CEO of Big Lots, said the profit decline is due to a “recession in consumption”.
Several other major chains have closed locations or ceased operations in Massachusetts this year, including Bob’s Stores, Stop & Shopand red lobster.
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